Kooperativer Bibliotheksverbund

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Format: 1 online resource (xii, 223 pages) : , digital, PDF file(s).

ISBN: 0-511-60093-3

Series Statement: Japan-U.S. Center UFJ Bank monographs on international financial markets

Content: A blend of theoretical and policy-oriented analysis, this book provides a comprehensive assessment of the causes and implications of the 1992-3 crisis of the exchange rate mechanism of the European monetary system. Cogent factual presentation - including new details on the crisis - original theoretical analysis, and an interpretation rooted in the theory, make this treatment essential reading to understand the process toward economic and political integration in Europe. The authors first sketch the history of monetary cooperation in Europe from Bretton Woods to Maastricht. A step-by-step account of the 1992-3 events follows, including a discussion of the extent to which financial markets anticipated the crisis. A survey of the literature on the subject introduces the authors' center-periphery model of currency crisis. The authors argue that the vulnerability of Europe to financial crisis was - and still is - the result of the lack of concern with the systemic dimensions of monetary policy-making.

Note: Title from publisher's bibliographic system (viewed on 05 Oct 2015). , Forewords / , Introduction. , The roots of the European consensus on limiting exchange rate flexibility. , The ERM and the logic of nominal anchors. , Escape clauses and financial stability. , The debate on the ERM crisis. , Understanding the crisis: The missing elements. , Lessons for the future , Exchange rate stability in Europe: A historical perspective. , From Bretton Woods to the Treaty of Maastricht. , The Treaty of Maastricht , The unfolding of the 1992 93 ERM crisis. , Toward the crisis. , A chronology of the ERM crack up , Financial markets and ERM credibility. , Capital market liberalization and "convergence plays" , Defining and measuring ERM credibility. , Exchange rate expectations before the crisis , Modelling currency crises. , Exchange rate crises and speculative attacks. , Fundamental models of the ERM crisis , A Center Periphery model. , Introduction. , The Center country. , The Periphery countries. , The objective function of the Center. , The objective function of the Periphery. , The semireduced form of the model , Unilateral pegs and escape clauses: The role of domestic credibility. , Exchange rate crises as equilibrium outcomes. , Imperfect commitment and expectations formation. , Multiple equilibria, self fulfilling expectations, and the ERM crisis. , Open issues in the "self fulfilling" vs. "fundamental" debate. , Revisiting theories based on domestic fundamentals. , A summary , Policy coordination and currency crises. , Introduction. , Noncooperative equilibrium. , Cooperatio. , English

Additional Edition: ISBN 0-521-79440-4

Additional Edition: ISBN 0-521-49547-4

Language: English

URL: Volltext  (lizenzpflichtig)

URL: https://doi.org/10.1017/CBO9780511600937